Tuesday, 29 December 2015

The Tories failed promises - Debt

The one figure the Tories haven't yet managed to manipulate is debt ...
They promised to eradicate it in one term .....they FAILED. Oh no sorry that was deficit but doesn't matter they FAILED to do that as well.

They've now
promised to eradicate it by 2020 they will FAIL. By
2020 it is projected that the national debt will be £1.78 trillion. [More Here]

They lost the UK its
Triple A rating, meaning all interest on debt went up at a stroke.

The debt
was £800 billion when the Tories took over, the Tories have more than
doubled it. So in these times of austerity where is this money going?

Please someone tell me, with all the cuts being made, how the Tories have managed
to spend more than ANY UK government in post war history and please don't insult
any ones intelligence by saying its in any way Labours fault.

Its interesting to note the history of national debt the figures don't lie [More Here] The other thing to remember when the UKs debt was at its highest the Labour Government started the NHS we wouldn't have an NHS if the Tories had been in power at the time.

Source http://www.economicshelp.org

Or the more accurate percentage of GDP

Source http://www.economicshelp.org

The common myth spouted by the Tories is that Labour created the debt by overspending. One word answer RUBBISH and here's why....The banks created a world crash by investing in bad debt basically gambling with our money.

Gordon Brown has been widely credited for his prominent role in the G20 rescue
operation for the world's economic and financial system in the face of
the crisis of 2007-2008, and less wisely credited for delivering the
British economy to the Conservative/ Liberal Democrat Coalition in much
better shape than they ever acknowledged. [More Here]

“The
fact of the matter is that the British economy was already making a
remarkable recovery in the first half of 2010, but the
Conservative/Liberal Democrat coalition stopped that recovery in its
tracks”

Most of the deficit was the result of the impact of the banking crash
on tax revenues, and on government spending, as unemployment rose.
Brown's strategy was that both the UK and the rest of the European
economy needed to grow out of the depression, and that it was vital not
to cut back on the expansionary fiscal policy until recovery had been
evident a lot longer than a few months.

Instead, the Coalition
wildly exaggerated the scale of the ' problem' and introduced a policy
of austerity which dampened those 'animal spirits' of businessmen. The
UK then experienced three years of what shadow chancellor Ed Balls
termed 'flatlining' , followed by the slowest economic recovery on
record. What is more: this sorry state of affairs has meant that even
the theoretical justification of it - the target of eliminating the
deficit within the lifetime of the 2010-15 Parliament- will manifestly
not be achieved. [More Here]